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ECONOMICS GENERAL COURSE Unit 4 – Macroeconomics Economic knowledge and understanding Macroeconomic activity the role of the government in a modified market economy the size of the government sector in the Australian economy currently, over time, and relative to other economies. Economic research select appropriate print and electronic media sources of economic information and data on the macroeconomy apply appropriate methods of…

ECONOMICS Unit 2: Economics Unit 3: Economics Market Failure Macroeconomic Theories A Course Concepts and principles examine principles, structure and operation of economic models (ECOA03). Issues, perspectives and viewpoints identify and describe trends and patterns, infers relationships, and makes predictions and inferences (ECOA09). Types and forms explain the consequences of contemporary economic issues on individuals,…

ECONOMICS Topic 3: Markets  Students learn to: Examine economic issues identify reasons why government may intervene in certain markets identify some of the problems that can ensue with a heavy reliance on market solutions in an economy. Students learn about: Demand and supply Alternatives to market solutions – the role of government the role of government (market failure – merit goods, public goods, externalities).…

ECONOMICS Unit 1: Markets and models Topic 3: Market forces describe the different characteristics of goods and services, including private, public, merit, substitute and complementary. Unit 2: Modified markets Topic 1: Markets and efficiency describe key concepts using economic terminology, including allocative efficiency, externalities, market failure, goods (public, private, merit and demerit), and signals analyse the difference…

ECONOMICS Stage 1 Thinking Like An Economist  Economic inquiry skills Investigate scenarios and economic problems by: identifying specific economic objectives and asking relevant questions applying economic concepts, including scarcity, choice, opportunity cost, and cause and effect of economic decisions in a variety of economic contexts. Economic Contexts  Markets in action investigate and recognise market…

ECONOMICS LEVEL 3 Unit 1: An Introduction t Economics  Market failure and government policies Economic knowledge Concept of market failure. Main types of market failure: public goods and common resources. Economic decision-making Analysis of market failure in terms of public goods and common resources. Economic policies and action The link between market failure and the role of government.

ECONOMICS Unit 3: AUSTRALIA'S ECONOMIC PROSPERITY Area of Study 1: An introduction to microeconomics: the market system, resource allocation and government intervention Outcome 1 On completion of this unit the student should be able to explain how markets operate to allocate resources, and discuss the effect of government intervention on market outcomes. Key knowledge reasons for market failure: public goods, externalities, asymmetric…

ECONOMICS GENERAL COURSE Unit 3 – Microeconomics Economic knowledge and understanding Public goods and common resources the distinction between public goods and common resources why public goods suffer from the free rider effect why common resources suffer from the tragedy of the commons. Economic research apply appropriate methods of recording and organising microeconomic information, including spreadsheets, graphs and tables…